Cash is dead: how COVID-19 is causing tap-and-go transactions to surge with $1billion spent in Australia in one month alone
- Commonwealth Bank data showed a 17 per cent tap-and-go surge in March
- The value of digital transactions added up to more than $1billion last month
- Australia's biggest bank is encouraging its customers to shun cash payments
The coronavirus pandemic is revolutionising Australian spending habits with more than $1billion tap-and-go transactions in just one month.
The Commonwealth Bank, Australia's biggest bank, has released data showing a 17 per cent surge in digital wallet spending levels in March - most likely at the expense of cash.
That was more than double February's growth pace of eight per cent, as the value of tap-and-go payments soared from $884million to $1.035billion.
Many businesses are also refusing to accept banknotes in a bid to contain the spread of COVID-19.
The coronavirus pandemic is revolutionising Australian spending habits with more than $1billion tap-and-go transactions in just one month. Pictured is a customer using tap-and-go at Waterloo in Sydney's inner south
Supermarket giants Coles and Woolworths are still accepting cash but are strongly urging customers to use their plastic cards instead, preferably with a tap-and-go payment so they don't have to enter their PIN on a keypad.
Grocery chain Harris Farm last month put up signs telling customers they would no longer accept cash.
The average digital transaction in Australia last month was $28, a Commonwealth Bank data analysis of CBA Tap & Pay, Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.
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The number of transactions grew at a slower pace last month rising by nine per cent to 36million.
The Commonwealth Bank's executive general manager of everyday banking, Kate Crous, said customers were increasingly shunning cash to minimise their risk of contracting coronavirus.
'It's now evident that even more people regard it as a safe and secure way to pay in this environment,' she said.
The Commonwealth Bank, Australia's biggest bank, has released data showing a 17 per cent surge in digital wallet spending levels in March. Pictured is a Harris Farm store sign declaring cash would no longer be accepted
The Commonwealth Bank's executive general manager of everyday banking, Kate Crous, said customers were increasingly shunning cash to minimise their risk of contracting coronavirus
'In the current environment, paying without cash is an important way to protect yourself and others against the spread of coronavirus.'
Ms Crous said CBA was encouraging its customers to use tap-and-go payments instead of cash.
'They have the added safety of not needing to enter a PIN on the PIN pad no matter how much they spend, as it instead leverages touch ID or Face ID,' she said.
Last month, the Superpharmacy discount chemist chain stopped accepting cash payments from their customers.
General manager Christian Todd revealed some customers refused to respect the new policy.
'We already have put in place an EFTPOS only policy,' he told Daily Mail Australia.
'As I am sure you are aware previous studies have shown cash to have more bacteria on it than a toilet door handle.
'This EFTPOS-only policy has angered quite a lot of customers and we have had some heated incidents at this site and our other sites around the country for people who prefer to deal in cash.'
Last month, the Superpharmacy discount chemist chain stopped accepting cash payments from their customers, with general manager Christian Todd revealing some customers refused to respect the new policy. Pictured is the Hornsby store in Sydney's north
